The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders involved in exploitative pricing practices.
The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, announced this directive during a one-day stakeholders' engagement on exploitative pricing held in Abuja.
Bello emphasized that the government is aware of the various challenges faced by market stakeholders, including high transportation costs, insecurity, and multiple taxation. He highlighted a striking example where a fruit blender known as Ninja was sold for $89 (₦140,000.00) in Texas, USA, but was priced at ₦944,999.00 in a supermarket on Victoria Island, Lagos.
Bello questioned the justification for such an arbitrary price hike, noting that these unwholesome practices threaten the stability of the economy.
"Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court," Bello stated.
However, he clarified that the current approach is not punitive, urging all stakeholders to embrace patriotism and cooperation. "It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement," he added.
During the engagement, various market stakeholders voiced their concerns. Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, pointed out that charges on imported goods at the ports hugely contribute to the price hikes.
Emmanuel Odugwu from Kugbo Spare Parts market mentioned that the cost of transporting a trailer load of tyres from Lagos to Abuja had surged from ₦450,000 to over one million naira.
Ms. Kemi Ashiri, Liaison Manager at Flour Mills, called for harmonization of fines by regulators to help businesses thrive.
Ikenna Ubaka, representing supermarket owners, cited exorbitant bank interest rates, rent increments, and high electricity charges as reasons for the inflated prices.
Solomon Ukeme from the Master Bakers Association noted that the rapid increase in the cost of major ingredients like flour, sugar, and butter has driven up the price of bread, with a bag of flour rising from ₦34,000 to ₦74,000.
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